Understanding Blockchain in Easiest Way is all you get here!

People can be both selfish and selfless, and I believe that we’re evolving towards a higher state of cooperation. Furthermore, most of the businesses are extractive of human labour or the planet’s resources. Labour like markup on hourly time or of the earth’s resources like water, precious metals or wood which is primarily used to make products.

So at this point, maybe you started thinking about the ways that could integrate sharing like platform cooperatives, or equity crowdfunding as potential models; however, these are slow and legally complicated, and nothing seems to be clicked until the Blockchain.

The ultimate guide to understand the Working Mechanism of Blockchain

How Blockchain can transform India?

The blockchain is a digital ledger in the sky supported by the computers and algorithms which proves that something actually happened and that something here is an agreement, or a record, or a transaction. It’s a digital living document of collective truth which can be both private and anonymous.

Blockchain gives us two things the first one is programmable money and the second blockchain offers us the opportunity to dream again, and to rethink transactions governance which means that monetary Incentives can be aligned with planetary ones.

On the top of Blockchain, there’s brilliant technology described as the smart technology further known as smart contracts. Smart contracts enable us to incentivise what people do when they do and how they do. For example, having a refrigerator which recognises that you need a juice before you do and orders that juice via a smart contract.

Value can be distributed with the blockchain which reorganises everything it means that we can create businesses operate more communities and ecosystems in a top-down hierarchical organisation. For example, you are in a job where your time is no longer rented out, like your hourly wages, and you’ll only be incentivized and compensated for referring a new employee or coming up with a brilliant idea which makes the company more profitable.

Insane Facts About Blockchains

No single entity government has the control over the bitcoin currency.

From January 2018 around 16.7M BTC are in circulation, and there can be 21 Million of it.

69% of the banks participated in the Infosys survey and are experimenting with the permission blockchains.

FBI made $48M in 2013 by selling on auction once seized 144,000 bitcoins.

Top 10 investment banks are using the Blockchain technology which helps them to save $8-12B.

James Howell lost 7,500 BTC by just throwing his hard drive which amounted to 4 Million euros. This implies that the Wallet lost means you have lost the bitcoins forever.

The Bitcoin network is more potent than the total sum of 500 supercomputers together.

Refunds are not actually possible on bitcoin transactions. In the year 2016, a bit coiner accidentally sent $137,000 Instead of $5, and there is no way to retrieve it.

The University of Nicosia Cyprus was the first university to accept tuition fees in the form of Bitcoin.

One BTC transaction consumes more 3,994 times more energy than the credit card transaction.

In the year 2014, CBT, FINLAND, FPS, BELGIUM exempts bitcoin from the VAT and thus treat it as a commodity.

The BTC is illegal in the countries like Saudi Arabia, Bolivia, Kyrgyzstan, Ecuador, Morocco, Nepal, Algeria, and Bangladesh as well.

Once all the bitcoins have come to existence, the transaction fees can drive the miners.

A secret bitcoin millionaire behind the newly created “Pineapple Fund” has given away his $86M to the charities since BTC peak at the end of the year 2017.

One of the biggest names Silicon Valley, Peter Thiel’s Founder Fund makes a monster bet on Bitcoin in January 2018, which worth around hundreds of millions of dollars in the present.

Does India Government accept blockchain?

Bitcoins are not legal in India, and they are not supported by RBI and government of India as well. The government advised the people to stay away from the Bitcoin or other cryptocurrency investment, and there is much speculation in this field.

While on the other hand Blockchain is a brilliant technology. Supported by RBI as well as other banks are also looking into for adopting this technology; however, again we can only see the application in a lot of different sectors.

Will government accept cryptocurrencies and regulate it?

As of now, cryptocurrencies are not acceptable as a legal tender in India. The government of India also cleared that they will not recognise cryptocurrency; however, they are exploring ways to adopt its own technology known as Blockchain in the system.

Just because any government or institution do not back cryptocurrency, therefore, the Indian government doesn’t consider it as a legal tender. Cryptocurrencies can be used for treacherous activities, so that’s another reason why it is rejected as a legitimate currency in India.

In the recent statement of our Finance Minister he explicitly said that they consider Blockchain technology for future use. However, Blockchain is by Cryptocurrency they will try to put as many as roadblocks until the time when you leave cryptocurrency trading.

In the future, the government also regulates the cryptocurrencies by stopping you for making profits via drug dealing, cyberfraud, prostitution, gun-running and other illegal activities.

Is cryptocurrencies good for the terrorist organisation? If yes then how to counteract against it?

There is no doubt that digital currencies provide a bunch of benefits to an individual, financial organisations, governments as well as public sector institutions. It offers the better access to financial products, aiding economic empowerment, and thus reducing the risks of corruption and fraud as well. Now one of the major risks associated with digital currencies or cryptocurrency is providing benefits to criminals and terrorists to use these new technologies.

However, there is no signs that prove that any terrorist organisation has adopted these digital currencies until date. The reason behind not using digital currency by any terrorist organisation is digital currencies is created through a process of ‘mining’ and thus verify each transaction on the blockchain. Bitcoin offers financial security, as the blockchain acts as an impartial intermediary, ensuring that coins are irreversible once you’ve spent them.

Now to control and secure them from these terror groups we can counteract this trend by tapping into the criminal error. Bitcoin is not that anonymous as it is described, it uses the blockchain system which serves as the virtual record of all the transaction took place on the network. Moreover, Blockchain is publicly accessible, and anyone with a little knowledge of computer can trace digital footprints of the anonymous trader.

The second option to counteract against the Terrorist organisation is by regulating the cryptocurrencies. In 2017, the US government proposed that “the Department of Homeland Security study the link between bitcoin and terrorism because the anonymity offered by digital currencies provides terrorists with the privacy they seek.” Therefore, with proper regulations, the government can bring digital currencies in line, and thus survives Anti-Money Laundering as well as Counter-Terrorist Financing legislation.

Final Thoughts

Undoubtedly the use of cryptocurrencies by a terrorist is still in the stage of infancy. Lack of developed internet infrastructure, rapidly changing technology and nature of bitcoin, difficulty in converting bitcoin into real money or flat still prevent terrorist from using cryptocurrencies on the massive scale.

Well! We have mentioned every aspect related to the blockchain. What should the government do? Does government legalised cryptocurrencies or not?

“What do you think – will India Government accept blockchain? and let the changes happened” “Will government accept cryptocurrencies? and regulate it?” What do you think?

Is cryptocurrency, a fear of politics where they won’t be able to play unfair games? or is cryptocurrency good for terrorist so we shouldn’t work on it?

What should the government of India and other countries do? Looking forward to hear from you !

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Crypto Post Gazette is a news publication dedicated to cryptocurrency with the end-goal of giving back to the bitcoin community. As a news publication that’s about serious journalism in the crypto space – this is part of achieving that goal.